It is safe to say that Donald Trump himself has not actually signed transactions on Polygon and Ethereum.
Nevertheless, those handling cryptocurrency projects related to him are still doing their best to make Trump live up to his title: the first on-chain president.
I spent the morning sorting through on-chain data related to Trump's crypto projects—his NFT series (trading cards) and the upcoming DeFi platform World Liberty Financial.
This is a quick analysis, but the data shows that Trump has earned nearly $84 million in cryptocurrency revenue in two years.
Trump's four NFT collectibles on Polygon have generated $7.7 million in cryptocurrency (WETH and POL fka MATIC).
This revenue comes from primary sales and royalties from secondary sales. The first set of Trump NFTs was almost launched two years ago in December 2022.
(Note: The NFT collectibles have also generated additional off-chain revenue, as the project accepts fiat payments via credit cards. Credit card data has not yet been fully on-chain, so these sales are excluded from the above total, although their scope may be in the millions.)
NFT revenue and cryptocurrency taxes are calculated at current prices.
There is also an unofficial Trump Meme coin that regularly pays transfer taxes to Trump's wallet.
So far, tokens worth approximately $240,500 have been gifted to Trump, named "DT Inu" and "Take America Back."
With each transfer, including when trading on DEX, the token contract automatically forwards small amounts of USDC or ETH to Trump's wallet.
This led to a sudden brief spike in Trump's on-chain footprint with additional crypto revenue.
As for how much has been realized—so far, whoever is handling Trump's cryptocurrency seems to have liquidated $3 million of ETH on Coinbase.
Trump's address deposited 1,325.16 ETH to exchanges between November and December 2023, which would be worth $4.9 million if held until today.
Then there is the World Liberty token sale. As of this morning, the issuance of WLFI has brought over $75 million in revenue to the platform, with 80% ($61 million) earned after Trump's victory in November.
In the past week or so, World Liberty's wallet has also accumulated a significant amount of DeFi tokens AAVE, LINK, ENA, and ONDO, totaling $5.2 million at current prices.
Ultimately, World Liberty Financial is holding them as it will integrate with these protocols, especially considering the newly announced strategic partnership with Ethena Labs in October.
All of this, combined with Trump's enthusiasm for buying hamburgers with Bitcoin before the election, makes it clear that the elected president understands cryptocurrency better than any other commander-in-chief, or even any American politician.
Nonetheless, this is not without intrigue: World Liberty Financial just sold approximately $11 million worth of Coinbase-wrapped Bitcoin cbBTC while purchasing an equivalent amount of wBTC, as shown in the purple and red shaded areas above.
Whatever the reasons World Liberty Financial has for converting wrapped Bitcoin, it will track. After all, what would the first on-chain president look like without traditional crypto drama?
